Make sure the button type is custom as someone else already stated. Then doing the following will bring back those rounded corners:
[self.myButton.layer setCornerRadius:8.0f];
[self.myButton.layer setMasksToBounds:YES];
[self.myButton.layer setBorderWidth:1.0f];
[self.myButton.layer setBorderColor:[[UIColor whiteColor] CGColor]];
self.myButton.backgroundColor = [UIColor redColor];
Though, personally, I'm a big fan of gradient buttons over solid colors... also, background color doesn't have different states, whereas background images do:
[self.myButton setBackgroundImage:[UIImage imageNamed:@"gradient.png"] forState:UIControlStateNormal];
Using an image, your button will darken with selection (or you could provide a different background image per state to do something different). This won't happen with background color, the background will always stay the same, only your button label changing per state.